11:57:27 EST Thu 07 Dec 2023
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or Name

Latitude Uranium Inc
Symbol LUR
Shares Issued 203,845,002
Close 2023-09-22 C$ 0.275
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Latitude Uranium completes Angilak phase 2 drilling

2023-09-25 11:58 ET - News Release

Mr. John Jentz reports


Latitude Uranium Inc. has completed its phase 2 2023 drill program at the Angilak project in Nunavut, Canada. The Phase 2 program consisted of three additional holes (Holes 23-LC-16B, 23-LC-17 and 23-LC-18) totaling 889 metres and focused on the western side of the Main Zone (Figure 1) of the Lac 50 Trend. When combined with Phase 1 which consisted of 4,776 metres in 15 holes, the total 2023 program (Phase 1 and Phase 2) comprised 5,665 metres in 18 holes. Highlights of Phase 2 and 2024 plans are summarized below.

Highlight of Phase 2 2023 Drilling Program and Plans for 2024

Hole 18 (23-LC-018) discovered 2 new wide intercepts of 41 metres (324m-365m) and 21 metres (395m-417m) with radioactivity up to 6,200 counts per second ("cps") below historical drilling.

Hole 18 intersected asimilar ~200-metre interval (213m-417m) of intermittent uranium-bearing structures up to 8,000 cps, extending downdip from historical drillhole 12-LCM-015 that ended at 300m.

Phase 2 assays are enroute to the Saskatchewan Research Council in Saskatoon for processing, and assay results for all 18 holes are expected in November.

Focal point of 2024 drill program is expected to be:

Following up on the 200m interval from hole 18, including the 2 new wide intercepts of 41m and 21m from Phase 2;

Following up on the potential new lens identified just south of the Main Zone mineralization with radioactivity up to 11,000 cps from Phase 1; and

Continuing to work outside of Main Zone within the Lac 50 trend.

Figure 1: Location of Phase 1 and Phase 2 drillholes, and potential new lens within the Lac 50 Trend.

2023 Angilak Drill Program

The 2023 Angilak drill program consisted of a total of 5,665 metres in 18 holes all focused on the Main Zone of the Lac 50 Trend. Phase 1 consisted of 4,776 metres in 15 holes (1-15) and Phase 2 was 889 metres in 3 holes (16-18). All drillholes and cps results are presented in Table 1 below. All samples are enroute to Saskatchewan Research Council in Saskatoon, Saskatchewan for assay with results expected in November

Hole 18 (23-LC-018) was designed as a downdip follow-up to test the continuity of a wide interval (~200 metres downhole width) from historical drillhole 12-LCM-015 that showed intermittent mineralization from approximately 100 metres downhole to the end of the hole at 300 metres. Results from hole 18 (23-LC-018) show radioactivity up to 8,000 cps was intersected in quartz-carbonate-graphitic structures at approximately 213 metres and intermittent anomalous radioactivity continues downhole to 417 metres, coinciding with an approximately 200-metre interval of intermittent anomalous structures in historical drillhole 12-LCM-015.

There are 2 significant results of hole 18 that require further geological work and are expected to be a focal point of the 2024 drill program. First, hole 18 (23-LC-018) appears to demonstrate downhole continuity from historical hole 12-LCM-015. Second, there are 2 wide intervals of 40.6 metres (324.2m-364.8m) and 21.3 metres (395.3 m-416.6 m) with up to 6,200 cps below the historical hole that ended at 300 metres.

Hole 16 (23-LC-016B) was designed to fill in an approximate 100-metre gap up-dip of historical drillhole 11-LC-005. Up to 3,090 cps was intersected in a quartz-carbonate vein, along strike of a historical intercept approximately 25 metres downhole.

Hole 17 (23-LC-017) was designed to test the continuity of structure and mineralization in the northwest extension of the Main Zone. Hole 17 is located 94 metres west of historical hole 11-LC-025 and approximately 150 metres along strike to the northwest of drillhole 23-LC-018. Hole 17 intersected 3 intervals of over 4 metres each with values of up to 870 cps in quartz-carbonate-hematite veining and trace graphite.

Qualified Person (QP)

The technical information in this news release has been reviewed and approved by Nancy Normore, M.Sc., P.Geo, the Vice President of Exploration of Latitude Uranium, who is a "Qualified Person" (as defined in NI 43-101).

About Latitude Uranium Inc.

Latitude Uranium is exploring and developing two district-scale uranium projects in Canada. Our primary focus is expanding the resource base at Angilak, which ranks amongst the highest-grade uranium deposits globally, outside of the Athabasca. Additionally, we are advancing the CMB Project, situated in the prolific Central Mineral Belt in central Labrador adjacent to the Michelin Deposit, with numerous occurrences of uranium, copper and potential IOCG style mineralization.

We seek Safe Harbor.

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